Butterfield Bank's new preference shares have started trading - and some investors have already cashed them in at a 12 percent profit.

Investors originally paid $1,000 for the preference shares earlier this month, but their closing price on the Bermuda Stock Exchange yesterday was $1,120.

On Tuesday, 950 shares traded and yesterday another 689 changed hands.

A total of $200 million worth of the Government guaranteedstock, offering a dividend of eight percent per annum over 10 years, were bought by investors after the bank issued a share offering, which was started at the beginning of June and concluded earlier this week.